Promise Project Inc

Analysis

Promise Project Inc is a registered charity in United States, based in Duluth, GA. It received its IRS tax-exemption ruling in September 2002, 24 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Promise Project Inc reported income of $348k and spending of $393k, spending 113% of what it took in. Across the 5 years on record, from December 2018 to December 2023, income grew from $249k to $348k (+40%), an average of +8.7% a year. The sharpest change came in the year to December 2023, when income rose by 30%. Over the whole period it spent 123% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Promise Project Inc sits at the 49th percentile: it is larger than about 49% of them. Against every charity in United States with reported income it ranks in the 64th percentile, and in the 68th percentile within GA. Charities of a similar size with the same main cause include West Central Missouri Greenleaf Estates Corporation ($347k), Broadmead Residents Assn ($348k) and Ivy Hill Development Corporation ($347k).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 100% of the total. Other salaries and wages came to $75k. At year end it held assets of $1.5m against liabilities of $2.6m, net assets of -$1.1m.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.